De Beers Rough Sales Up As Cutters Stock For Holidays

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De Beers, the global rough diamond major sold more stones in their last cycle as sightholders stocked ahead of the holiday season. The leading world producer and subsidiary of Anglo American recorded $630 million in rough sales during Cycle 7 of the year, which was better than the $528 million recorded in Cycle 6.

Sight box PIC By De Beers

Sight box PIC By De Beers

The miner attributed the rise in sales to demand from their clients as they prepare for a season where cutters make more money as consumers spend more.

“We saw healthy demand for our rough diamonds in Cycle 7,” De Beers Group Chief Executive Officer, Bruce Cleaver  said, “as manufacturers brought forward some of their demand in order to cut and polish rough diamonds in time for the important retail selling season.”

Cycle 7 2016 provisional sales value represents sales as at 5 September 2016 while Cycle 6 2016 actual sales value is restated following the earlier publication of a provisional figure for the sixth sales cycle of 2016.

Sales value is quoted in terms of sales by De Beers Global Sightholder Sales and De Beers Auction Sales, and reported on a consolidated accounting basis. Auction Sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle.

After this sight, De Beers is left with 3 more sights before it concludes the year.

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